All about Bitcoin & Cryptocurrencies

Linda Paulk

What about that! Of all the things that should be banned on Facebook, this is the least expected. Check out the latest from Kai Sedgwick of Bitcoin News. Facebook Bans Cryptocurrency Ads Following persistent complaints about spammy and fraudulent cryptocurrency ads, Facebook has issued an outright ban. As of a new ruling issued on January 30, “ads …

Bitcoin is booming in Cambodia. Take a look at this article just in from JP Buntinx of The Merkle. Cambodia Is Home to a Booming Bitcoin Industry JP Buntinx January 23, 2018 Crypto, News Cambodia is not a country most people would associate with Bitcoin or other cryptocurrencies. It is one of those nations which one hardly ever hears anything from, …

Continuing on South Korea, here is some interesting news from Kevin Helms of Bitcon News. South Korean Card Companies Block Transactions to Overseas Cryptocurrency Exchanges South Korean card companies are reportedly working on blocking payments to overseas cryptocurrency exchanges. Currently, 20 major crypto exchanges are blocked but that number is expected to increase, according to …

Continuing on cryptocurrcies in South Korea, to a look at this from Kevin Helms of Bitcoin News. Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial …

Cryptocurrency is very popular in South Korea and lives are changing. Take a look at this article by JP Buntinx of The Merkle. Nearly 2M South Koreans Used Mobile Crypto Apps Last Week Over the past few months, South Korea has become one of the world’s biggest cryptocurrency hubs. Local exchanges generate billions in volume …

Following persistent complaints about spammy and fraudulent cryptocurrency ads, Facebook has issued an outright ban. As of a new ruling issued on January 30, “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency”. The move is sure to be welcomed by Facebook users and bitcoin enthusiasts alike, who recognize that these adverts to little to promote the benefits of cryptocurrency.

Facebook Gives Crypto Ads the Thumbs Down

Of the myriad places on the web where a person can learn about cryptocurrencies, Facebook is possibly the worst. Its users tend to be less sophisticated than those who frequent other social networks, and are easy prey for scammers, charlatans, and snake oil salesmen. Characters such as the impressively coiffured James Altucher have become the hated face of Facebook crypto, with their get rich quick schemes promoting the seedier side of bitcoin.

Cambodia Is Home to a Booming Bitcoin Industry

Cambodia is not a country most people would associate with Bitcoin or other cryptocurrencies. It is one of those nations which one hardly ever hears anything from, unless it has to do with civil unrest. Contrary to what people believe, there is a genuine cryptocurrency culture in Cambodia these days. Moreover, most investors and miners are not overly worried about the country’s national bank issuing warnings regarding Bitcoin.

THE FUTURE OF CRYPTOCURRENCY IN CAMBODIA

It seems there are quite a few reasons as to why Bitcoin and other cryptocurrencies are taking off in Cambodia. There has been some localized mining activity since the early days of Bitcoin, even though a lot of coins have been lost in the process as well. People have been having issues with lost wallets or private keys for as long as one can remember, and that situation is no different in Cambodia. At the same time, it seems the cryptocurrency craze is only now taking off in this country.

South Korean card companies are reportedly working on blocking payments to overseas cryptocurrency exchanges. Currently, 20 major crypto exchanges are blocked but that number is expected to increase, according to the Korean Credit Finance Association.

Blocking Payments Overseas

South Korean card companies have been working on blocking payments to overseas cryptocurrency exchanges, local media reported the Credit Finance Association of Korea revealing.

Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks

South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year.

Banks Earned 36x More From Crypto Accounts

The Korean Financial Supervisory Service (FSS) has obtained data from banks relating to their virtual account services to crypto exchanges. It includes data from the six banks inspected by the regulators last week: Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank, and Industrial Bank of Korea.

Cryptocurrency is very popular in South Korea and lives are changing. Take a look at this article by JP Buntinx of The Merkle.

Nearly 2M South Koreans Used Mobile Crypto Apps Last Week

Over the past few months, South Korea has become one of the world’s biggest cryptocurrency hubs. Local exchanges generate billions in volume every single day, divided among the top and smaller cryptocurrencies. Even though the government is looking to curb cryptocurrency trading, the general population is not too bothered. A new study shows that close to two million South Koreans use cryptocurrency apps right now.

Virginia Beach, Virginia isn’t exactly known as a hotbed of bitcoin mining activity, but that appears to be changing, and soon. A local company has sunk 65 million USD into a giant facility, as the resort town attempts to become a hub for data centers.

65 Million USD Mining Facility is Nearly Completed

It almost wasn’t to be. Local firm Bcause, LLC was actually looking to plunk down their 65 million dollars elsewhere. And then its hometown, Virginia Beach, Virginia cut business property taxes for data centers at the end of last year, according to The Virginian-Pilot online newspaper. The city’s Director of Economic Development, Warren Harris, told the paper, “We’re poised to be a hub for data centers. To reduce that tax has put us in a very, very competitive position.”

Predicting is a big part in cryptocurrencies, especially when it comes to prices, but in this volatile market it is not only the price that can see-saw, all kinds of occurrences are affecting this burgeoning market.

This has led to people to speculate already what 2018 will hold for the cryptocurrency world. 2017 was definitely a massive platform on which a sturdy foundation was built for this market, but what does 2018 hold?

1. Bitcoin will still be king

As Bitcoin peaked to $20,000 just before Christmas last year, it was unstoppable in both its growth and dominance, but since then it has dropped away in both respects as altcoin seasoned opened up the new year.

The original cryptocurrency saw its dominance fall to below 33 percent as others such as Ripple, Stellar and Tron have snatched some of the overall market cap.

However, already on the comeback trail, the belief is that Bitcoin will still be the market leader through 2018.

Cryptocurrencies may be bringing us closer to a world of singularity and the Matrix more than we can imagine. One experiment designed by Manuel Beltrán aims to bring humans closer to this world by using human-powered energy to mine digital assets. The Dutch-based research and development team called the Institute of Human Obsolescence led by Beltrán is mining cryptocurrencies with a special bodysuit that harvests human body heat into a sustainable energy source.

Mining Cryptocurrencies With Human Body Heat

Manuel Beltrán, the founder of the Institute of Human Obsolescence (IoHO), is challenging the idea that technology cannot be sustained by our current resources, because he believes one supply — the human body — is very abundant. The institute has been running various operations that consist of researching and developing ‘biological labor’, with the current project tethered to mining cryptocurrencies. The most recent tests comprised of roughly 212 hours between many shifts and 37 workers participated in the experiment.

I believe Bitcoin really hit main stream in 2017 and businesses started getting on board. Adding Bitcoin to the futures market and the NYSE caused a huge rise in it’s value. Bitcoin could no longer be ignored as you will read in the following article by

Bitcoin Adoption by Businesses in 2017

2017 was a big year for Bitcoin. CBOE launched the first Bitcoin futures market, the NYSE filed for two Bitcoin ETF’s, and Bitcoin price rose over 1,300 percent. In 2017, Bitcoin became too big to ignore, as Bitcoin became more valuable, there were sizable increases in the amount of brick and mortars that accepted Bitcoin all over the world. Let’s take a look at the data.

Q1/17: Slight growth – 5.5%

According to Coinmap.org, on Jan. 3, 2017, 8,207 brick and mortar businesses accepted Bitcoin as a payment method for their goods and services. On March 28, 2017, three days before the end of the first quarter, 8,665 businesses accepted Bitcoin. For the first three months of 2017, there was a 5.58 percent increase in Bitcoin accepting businesses.

Ten Tax Tips for Cryptocurrency: Expert Blog

1. Remember, it’s property.

You might not agree with the IRS, but the tax man says cryptocurrency is property. The IRS made this clear in Notice 2014-21. Cryptocurrency isn’t foreign currency, and it isn’t domestic currency, regardless of how you use it. That means every time you transfer it, you might trigger gain or loss. That means taxes.

2. Barter is old-fashioned, but the IRS gets a piece.

These are old rules, and cryptocurrency hasn’t changed them. Property trades are taxed to both sides, even if one party just wants credit for later. Swapping one product or service for another is taxable, as the IRS explains at its Bartering Tax Center. Earning trade or barter dollars through a barter exchange is also taxable income, just as if your product or service was sold for cash. Plumbing for dental work? The IRS taxes it. You name the swap, it’s income to both sides. Both must report the fair market value of goods or services received on their tax returns.